The Great California Tax Hoax: $577 Billion In Hidden Assets

” (NaturalNews) Is California really as bankrupt as its governor claims? Not if you believe in mathematics and accounting. As this story shows, California has hidden away $577 billion in assets, all revealed in CAFR documents (Comprehensive Annual Financial Report) that are becoming increasingly well-known.

California’s government, you see, has two main funds in which money is kept. The first fund, which is bankrupt, covers all government activities and expenditures. But the second fund — the hidden “slush” fund with $577 billion in assets — holds all the money the government generates by conducting “nongovernmental” businesses and activities that aren’t officially part of the government. This money is hidden from California’s taxpayers who are repeatedly lied to and told they have to pay more in taxes to prevent the state from going broke.

One comment

No, those aren’t hidden assets. They just aren’t part of the operating budget.

Also, it takes a real dimwit to point to $577 billion in assets and not talk about claims on the assets. In the case of the pension funds, which account for a large portion of the $577 billion, the employees have already earned the pension benefits and they are being held in trust until those employees retire and begin to draw on the pension.

The dimwit also ignored the necessity (not to mention the legal requirement) to have substantial assets in insurance funds such as the earthquake insurance fund.

Step carefully through the IBC News page – there are many steaming piles of dung dropped here.